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Meridian's maiden Cabacal MRE has 52.9M t indicated

A maiden mineral resource estimate on Meridian Mining’s Cabacal deposit in Mato Grosso, Brazil, shows indicated resources of 52.9 million tonnes at 0.6g/t gold, 0.3% copper, and 1.4g/t silver.
Meridian's maiden Cabacal MRE has 52.9M t indicated Meridian's maiden Cabacal MRE has 52.9M t indicated Meridian's maiden Cabacal MRE has 52.9M t indicated Meridian's maiden Cabacal MRE has 52.9M t indicated Meridian's maiden Cabacal MRE has 52.9M t indicated

The inferred resources are estimated at 10.3 million t at 0.7g/t Au, 0.2% Cu, and 1.1g/t Ag.

The inferred resources are estimated at 10.3 million t at 0.7g/t Au, 0.2% Cu, and 1.1g/t Ag.

"Significantly, the resource is near-surface, and extends over 1.9 kilometres with a prominent high-grade shallow gold zone in the Cabacal Northwest Extension. Ongoing drilling on the margins of the resource has intercepted strong zones of copper-gold mineralisation; further drill results are pending," the company said.

Meridian's executive chairman, Gilbert Clark, and CEO and president, Adrian McArthur, jointly commented that the results show Cabacal as "one of the most significant resources still held by a junior".

They noted that the resource has been delivered within 18 months of the start of drilling.

Meridian's share price shed 19% in value day on day on 26 September, dropping to C$0.48 (US$0.35). The company has a market capitalisation of C$86.99 million.